up to the close of 1868 imposed on the company a charge of a little more than 1,200,000!.; and capital seems to have been further expended to the extent of 535,449,, while the value of the stores on hand showed an increase of 218,5261., as compared with the corresponding date of 1868. The receipts of 1869 amounted to 3,360,9221., or 122,7571. more than in 1868, so that the revenue of 1869 was in excess of that collected in any previous twelve months. If the increase were attributable to the development of traffic gene rally, it was also due in part to the conveyance of materials required for the construction of various lines. The quick train service contributed the largest share of increase. Thus, while the receipts derived from the quick train service increased to the extent of 14 per cent., as compared with 1868, those of the slow train service expanded to the extent of only 1 per cent. This result is explained by the diminution in the exportation of cereals, which occurred in the second half of 1869. The receipts from goods other than cereals have been growing rapidly from year to year. The working expenses, properly so called, attained a total of 1,237,8871., or 68,0841. more than in 1868. The augmentation in the working expenses was thus at the rate of 5'82 per cent., while the receipts only increased to the extent of 379. Including the profits realised from the company's mines, ironworks, and landed estates, the profits of 1869 were 2.329.963; and after providing for all fixed charges, a sufficient balance remained to provide the shareholders with a dividend at the rate of 12 per cent. per annum, while 129, 1587. was added to reserve.

371.-GRAND DUCAL WILLIAM LUXEMBOURG

The company was constituted in 1857, under the patronage of the King of Holland, who is Grand Duke of Luxembourg.

The line forms almost a perfect cross in the middle of the Grand Duchy, the town of Luxembourg being the centre. The west branch of the cross is formed by the line from Luxembourg to Arlon. where it joins the Belgian (Great Luxembourg). The southern arm is formed by the line from Luxembourg to Thionville, where it joins the Eastern of France. The eastern branch is formed by the line from Luxembourg to the Prussian frontier town of Treves. The northern branch runs to the northern frontier of the Duchy, and will ultimately join the Belgian system at Spa, or the Prussian lines at or rear Cologne; total, 88 miles.

There are also two short branches leaving the French arm at Bettenburg, and running up to the iron-stone quarries of Esch sur-l'Alzette and Rummetange. These iron-stone quarries are most remarkable. There are hundreds of acres of iron-stone, completely upon the surface of the ground, and averaging five or six yards thick. This iron-stone, now largely employed in the Zollverein, will be put into the railway trucks at a price varying from 8d. to 18. per ton.

DIRECTORS:

President-MARQUIS D'ALBON.

Vice-President-MONS. J. R. BISCHOFFSHEIM.
Director-General-J. VANDEWYNCKELE.

OFFICERS.-Sec., Mors. H. De Groux; Con. Eng,, Mons, Vuigner; Eug.-in-Chief, Mons. Grenier.

372.-GREAT LUXEMBOURG.

Commences in Brussels (Quartier Leopold), and proceeds in a direct line to Namur, 34 miles. A junction with the Namur and Liége, and extends to Arlon, near Luxem bourg.

The original concession was for 90 years from the date of completion, and embraced an extension of the lines from Luxembourg to Thionville and Metz, where it would join the Paris and Strasburg. A new era commenced from date of new charter (September 6th, 1855), granted by the Belgian Government.

WILLIAM LUXEMBOURG.-"Negotiations were arranged with the Government, having for objects the substitution for the canalisation of tte river Ourthe beyond the point to which the works are already executed, of a railway which would connect the city of Liége with the main line of the Great Luxembourg railway; owing, however, to certain objections on the part of the William Luxembourg, it became necessary, in con sequence, to enter into new negotiations, and on the 9th of January, a new agreement with that company was entered into, which has been finally ratified by all the parties concerned. Under this new agreement the working of the William Luxembourg will be divided between the East of France and the Great Luxembourg, the latter obtaining from the date of the opening of the Spa line, the portion which connects its own lines with those of central Germany."

LONGWY BRANCH.-"The extension of this branch from Longwy to Longuyon (point of junction with the main line of the Ardennes), constructed by the Ardennes, has been opened for traffic."

OURTHE-This branch, 38 miles, was opened in August, 1866, it being stated that the cost would not exceed the estimate.

BASTOGNE. This branch, 18 miles in ler gth, and completing the original concession, was opened in November, 1869, making up a total of 190 miles opened.

REVENUE-The following is a comparison of the gross receipts and net earnings of the main line (134 miles) for three years:

31st Dec.

1867. 1868.

1869.

Gross.

£151,208

160,876

188,322

Net. | 30th June.

£74,770

1868.

85,076 1869.

101,524 1870.

Gross.

£151,472

164.391

185,332

Dividend, 5s, per share.

Net, £77,268

88,493

95,284

Dividend, 78. 6d. per share.

It was further reported in October that the gross receipts of the Ourthe, compared with those of the same period of 1869, showed an increase of 2,118. The net traffic was 6,0851.

The

The actual working of the Bastogne branch showed a loss of 9047.; but this was covered by the Government guarantee of 1,400., and the result was a net earning of 4951. net earnings of the canal were 5761.

CAPITAL.-The balance sheet to 30th June, 1870, furnished the subjoined particulars:

Shares-100,000 of 201. each

£2,000,000

*Preference 5 per cent. shares of 201. each-number issued £11,000 Of which have been paid off

On account of salaries and wages, and sundry supplies and repairs
To G. Arrasse, contractor, on account of works executed on
Bastogne lines, &c.

6,456

To sundry Belgian railway companies, on account current for traffic receipts

31,127

Interest coupons on obligations, and reimbursement of drawn obligations not yet presented for payment

25th coupon on obligations of 201.; received the current interest accrued) due on account of said coupon, due 1st July, 1870, on 1,406 obligations of

*Statement of capital received on account of the Ourthe line to 30th June, 1870, viz:PREFERENCE SHARES.

11,000 preference shares, paid in full, at 201.

Chairman-WILLIAM FENTON, Esq., Beaumonds, near Rochdale.

Jonathan Nield, Esq, Rochdale.

The Hon. Francis Scott, Sendhurst Grange,

Thomas Close, Esq., Nottingham.

William Forbes, Esq., Loudon.

Woking, Surrey.

Mons. Victor Tesch, Brussels.

John William Maclure, Esq., Manchester.

OFFICERS-Sec. in London, Frederick Horncastle, 156, Gresham House, Old Broad Street, E.C.; London Bankers, London and County Bank, 21, Lombard Street, E.C.

373.-GREAT RUSSIAN.

The Government conceded, in 1857, to a mixed French and English association, represented chiefly by the Credit Mobilier of France, the following lines:

To be constructed at an outlay of about 45,000,000l. sterling. The interest is regularly paid by the Russian Government.

The share capital is composed of 600,000 shares of 201. each, and the company has besides issued 70,000 obligations of 801. each, and 18,887 of 201. each. The works of establishment have involved an outlay of nearly 24,000,000. In 1864 the net profits realised on the Warsaw and St. Petersburg were (202,717, as compared with 257,4731. in 1863. On the other hand the net profits of the line from Moscow to Nijni-Novgorod rose in 1854 to 286, 1891., as compared with 232,899, in 1863. The total profits realised on the two combined were thus 488,9067., as compared with 490,3721. in 1863. After making various deductions and additions, the net profits of 1864 were finally returned at 459,2251. The Russian Government guarantees 5 per cent, upon all the capital engaged in the enterprise. This guarantee involves a charge of at least 900,000l. for 1864, so that upon all the interest paid, the Russian Treasury contributed 50 per cent. The Great Russian was recently increased in extent and importance by the adjunction of the Nicholas or St. Petersburg and Moscow line. As this line fell into the hands of the Great Russian only in September, 1868, it is not possible to compare its receipts under Great Russian management during the whole of 1869 with those effected in 1868 when the line was worked by the Government; but the total revenue collected and the receipts acquired upon each division of the system last year was as follows:

The proportion of the working expenses to receipts is something over 50 per cent.; nevertheless a substantial amount of profit was acquired in 1869; and although the Government has guaranteed interest upon all the stock and obligations, this guarantee has, it is understood, ceased to be any burthen to the Treasury.

374-ITALY.

The revenue of the Italian lines in the first nine months of 1870 amounted to 2,754,2831., as compared with 2,651,4017. in the corresponding period of 1869, showing an increase of 102,8821. The length of line worked on 30th September, 1870, was 3,666 miles, as compared with 3,474 miles in 1869. The South Austrian and Upper Italy contributed two-thirds of the whole traffic collected in both years; the remaining third being made up by the Roman, South Italian, the Calabro-Sicilian, the Turin and Cirié, and the Mont Cenis. The South Austrian and Upper Italy earned to September 30th, 1870 (when it had 1,7534 miles in working), 1,879,8837., as compared with 1,802,9647. to September 30th, 1869 (when 1,665 miles were in operation). The revenue collected by the South Italian to October 14th was 404,363, as compared with 370,6737. in the corresponding period of 1869, showing an increase of 33,6901. During the first seven months of 1870, new lines were opened in Italy to the extent of 175 miles. To this aggregate, the South Austrian and Upper Italy contributed 87 miles; the South Italian, 24; and the Calabro-Sicilian, 85g.

375.-LEGHORN.

This is a combination of three separate companies, consolidated by the Parliament of Italy.

I. LUCCA AND PISTOJA.-Established under a concession from the Tuscan Government for ten years, as a Société Anonyme. From Lucca it traverses the left bank of the Arno, through Peschia to Pistoja, junction with Leopolda and Maria Antonia, which run to Florence, with branches to Leghorn. Capital authorised, 280,000% Government guarantee 4 per cent. per annum interest, from opening of first section from Lucca to Peschia. Government may redeem the concession after being open 15 or 20 years, at average of five preceding years, the purchase money converted into a permanent annuity, under guarantee of Government. 159.0001. in 30.000 preference shares, was created in November, 1852, for second section of line, bearing preferential interest at 5 per cent. per annum, secured on the whole Government grant, which is made a real

LEMBERG-CZERNOWITZ-LIERRE AND TURNHOUT-MADRID, ETC. 327

charge upon the property and revenue; after 24 per cent. has been paid on ordinary capital (also secured on the guarantee), net revenue to be divided pro ratâ amongst the two classes of shareholders. The line from Bologna to Vergato, 23 miles, was open for traffic in November, 1863, and the line as far as Pistoja in 1864.

II. MARIA ANTONIA.-Formed for the construction of a railwayfrom Florence to Pistoja, junction with the Lucca line from Pisa. Length, 21 miles; opened on 12th July, 1851. The concession of Government from 60 to 100 years.

III. LEOPOLDA-The directors of this company entered into an agreement with the Maria Antonia, for the purchase of the shares of the latter upon terms nearly identical with those offered by the Lombardo-Venetian. The Leopolda, on the 17th November, 1858, approved the agreement.

376.-LEMBERG-CZERNOWITZ.

Capital, 1,250,000%. in 62,500 shares, of 201. each. Established under a guarantee from the Austrian Government, producing a net minimum dividend of 7 per cent. per annum, payable in silver.

Provision is made for payment by the contractor (Mr. Brassey) of interest at 6 per cent. per annum during construction, which is not to exceed 2,450,0007.

The concession, the duration of which is 90 years, stipulated for the commencement of the works previous to the 11th January, 1865, and for their completion within three years; but provision is made for extension of these periods in case of political or financial crises. The government guarantee a fixed sum of 150,0004., in silver money, as a net annual revenue of the line. The line is still under construction, The opening of another portion of the line from Suczawa to Roman, the first section to Moldavia, was notified in December, 1869, thus shortening the approach to the Black Sea by 103 kilometres, without taking into account the Paskain-Jassy, which the company expect to complete simultaneously with the Russian works from Tiraspol (Bender) to Kischeneff. The approaches to Odessa, on the Black Sea, will then be from Jassy to the Pruth, 17, and from thence to Kischeneff, 107, total, 124 kilometres, thereby connecting the Black Sea with the Baltic in one direct route via the Lemberg-Czernowitz-Jassy. The length of line under traffic has been increased during the year from 175 to 235 miles. The report for the year ending 30th June, 1870, stated that the receipts of the original line amounted to 1,894,652., against expenditure of 1,060,211., showing a net profit of 834,440. The passenger traffic increased by 66,325f., and the goods by 93,122. The line from Czernowitz to Suczawa had only been open for traffic for two months, during which period, however, the receipts exhibited a surplus over expenditure. The amount to be received from the Austrian Government, under the guarantee, was 818,8947.

The receipts for the eleven months of 1870, amounted to 2, 201.723f., against 1.782,863fl., showing an increase of 418,860. The length of line open was 155 English miles.

377.-LIERRE AND TURNHOUT.

Capital, 172,0007., in 8,600 shares of 201, each (guaranteed by the Belgian Government). Length, 24 miles. Opened for traffic on 23rd April, 1855, but the guarantee of the minimum interest did not commence until the 22nd of May following.

The working of the line is leased to the Antwerp and Rotterdam under an agreement ratified by general meetings, by which that company took the rolling stock of the Turnhout, paying a fixed sum equal to an additional per cent. per annum for its use, and as a rent for the line, paying 35 per cent. of the gross receipts for the first two years, 40 per cent. for the next two years, and thereafter to the end of the concession (which is 90 years) 50 per cent.

DIRECTORS:

H. T. Matthyssens, President of the | A. Stoclet, Director of the Antwerp and
Chamber of Commerce, Antwerp.
Rotterdam, Brussels.

Samuel Laing, Esq., 6, Kensington Gar

dens Terrace, Bayswater, W.

378.-MADRID, SARAGOSSA, AND ALICANTE.

The original network (from Madrid to Alicante, and from Madrid to Saragossa) has been some time in operation, the Alicante having been worked since 1858, and the Saragossa since June, 1863. But to these lines the company has successively added others to Ciudad-Real, Cordova, and Carthagena, which carry the total undertaking to 892 miles. The line from Alcazar to Ciudad-Real has been worked since 1861, and when a line from that point to Badajoz is completed, the company will be in communication with the Portuguese lines and with the Atlantic Ocean.

REVENUE. The receipts declined in 1869 to 1,053,9831., as compared with 1,111,5637. in 1868, showing a falling off of 57,5811., of which 45,6871. accrued in the quick train service. The working expenses which stood in 1868 at 490,179., were reduced in 1869 to 472,923, showing an "economy" of 17,2561., so that the net profits appeared to have been 588,604. The charge of the obligation interest amounted, including expenses attending payment of coupons, to 604,114., so that the year's net revenue failed to cover the obligation service by a sum of 15,510., which had to be deducted from the balance of undivided profits. The redemption of obligation capital for the year was also not provided for out of the profits of 1869, the purchase of 2,600 obligations applicable to the exercise having been made-in accordance with decrees of January 22nd and May 5th, 1869-by means of the "succour fund" granted to the struggling companies by the Treasury. The share of the succour fund received by the Madrid, Saragossa, and Alicante amounted to 300,6831. paid in drafts on London and Treasury bonds, which produced on negociation 288,2677. The purchase of 2,600 obligations absorbed 16,330.; and out of the balance of 271,9371. the company deducted 20,0007. intended to be applied to the purchase in 1870 of 2,670 obligations. The balance of the succour fund has been employed, in accordance with the decrees of January and May, 1869, in the payment of obligation interest.

CAPITAL.-This account experienced no increase last year, remaining at 15,341,4537. Sundry small works undertaken involved an outlay of 28,4677., but this sum was made good from the undivided profits account of 209,7182.

The

379.-NAMUR AND LIEGE-MONS AND MANAGE. 1.-NAMUR AND LIEGE, 45 miles.-The principal line leaving Namur from the State station, follows the left bank of the Meuse to the Val St. Lambert, and passes that point on the right bank of the terminus at the Longdoz station at Liége. branch detaches itself from the main line at the station at Flemalle, a little before the crossing of the Meuse, and unites with the State line near Liége, in order to be unloaded at the station of the Guellemins belonging to the State. Leased to the Northern of France, and the annual rental is applied to the payment of interest and redemption of the debentures. The coupons are payable half-yearly.

2.-MONS AND MANAGE, 21 miles.-Leased to the Belgian Government, and the annual rental is applied to the payment of the 6 per cent. interest on the 10.0007. preference shares, and the payment of dividends (about 2 per cent.) on the 26,595 original shares.

DIRECTORS:

President-FRED. JOHN SIDNEY PARRY, Esq., Onslow Square, S.W. Robert Bridgman Barrow, Esq., Sydnope | Richard Lamarche, Esq., Liége. Hall, Matlock. Alexander Poppe, Esq., Managing Direc tor in Brussels.

M. Delebque, Brussels.

OFFICERS.-Solicitor, H. Wellington Vallance, Moorgate House, Moorgate Street, E.C.; Bankers, London and Westminster Bank, Lothbury, E.C.; Banque de Belgique, Brussels, and Banque Liégeoise, Liége.

Offices-Brussels.

380.-NORTH EASTERN OF FRANCE.

The network conceded to this company promises to be of importance. It comprises the following lines:--Lille to Commines, Tourcoing to Menin, Gravelines to Vatten, Boulogne to St. Omer, St. Omer to Berguette, Berguette to Armentières, Dunkerque to Calais, via Gravelines, Somain to Roubaix and Tourcoing, Erquelines to Fourmies or Anor, and Chauny to the line from Soissons, to Laon.

Nothing in the way of construction has yet been attempted, nor is it likely that any effort of importance can be made for some time to come.

381.-NORTHERN OF FRANCE.

From Paris to Amiens. Lille to the Frontiers of Belgium, with branches to St. Quentin, Calais, and Dunkirk, Valenciennes, Roubaix, and Tourcoing, the whole (445 English miles are open.

The original concession was for 38 years; but in consideration of new lines agreed to be made, by a decree of 19th February, 1852, the concession has been extended to 99 years, and will expire on both sections 10th September, 1947. Government cannot take possession of the line until after February, 1876. The sum to be placed aside each year for the reduction of the social capital is reduced from 2,236,384fr. to 168,200fr.